NEW YORK (Reuters) - A $70 billion portfolio managed by hedge fund titan Ray Dalio's Bridgewater Associates is emerging as one of the big losers in the selloff in bonds and stocks sparked by the belief the Federal Reserve is about to pull back on its easy money policies, according two people with knowledge of the numbers.

The Bridgewater All Weather Fund is down roughly 6 percent through this month after losing 5 percent in May, according to the two people.

The fund is down 8 percent year to date. The All Weather Fund rose 14.7 percent last year, according to a year-end investor note reviewed by Reuters.

The All Weather Fund is what is known in the $2.25 trillion hedge fund community as a risk parity product and is a popular investment option for many pension funds. The theory behind these products is that when stocks fall, bond markets will rally and vice versa.